HDC to lease Hulhumale' Phase II lands for commercial use

Housing Development Corporation (HDC) on Wednesday has announced lease of lands for commercial purposes from Hulhumale' Phase II.

HDC in its announcement invited all interested parties to submit expression of interest (EoI), and further said under the newly announced land lease offer, developers will be financing construction and management of properties.

For any property that attracts more than one interest proponent, HDC will prioritize the developer best aligned with the corporation's strategic vision, objections and the master plan for the overall development of Hulhumale'.

The bid proposals will be gauged for the proposed lease price, payment duration and the fiscal capabilities of the lessees.

HDC further said it reserved the right to accept or reject any or all the proposals and annul the EoI process entirely, and added that in the case of such annulment HDC will notify the proponents.

Proponents are required to quote the price per square-foot in Maldivian Rufiyaa, along with the proposed payment duration which must not exceed six months.

For payment periods less than that will be subject to discounts on the quoted price, HDC added.